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The prolonged shutdown has cost Colombia some 893,000 barrels of production, according to Ecopetrol.

The outlook upgrade reflects a sound financial position and Ecopetrol's ability to respond to a high volatility oil price environment.

CEO Juan Carlos Echeverry says "2016 was a year of enormous challenges for Ecopetrol," but he believes increased investment in 2017 will improve results in the coming years.

"GeoPark’s active drilling program in the first half of 2017 is already paying off," said company CEO James F. Park.

"Investment reductions are expected to affect its ability to replenish reserves in the long run above production levels," said Lucas Aristizabal of Fitch.

The 40-year industry veteran will be based in Bogotá once he officially takes over the position on February 20.

Ecopetrol did not identify who attacked the pipeline, but a Reuters reports states that military sources believe ELN guerrillas were responsible.

The company spent around $2 million USD to drill this infill well to a total depth of nearly 8,500 feet in about two weeks.

Output at this historic site peaked at 60,000 barrels per day in 1939 but that number fell to a mere 5,000 by 2003.

The OPEC and non-OPEC agreement has brought the Colombian peso back under 3,000 to the dollar for the first extended stretch since October.